traderak20, based on QQE.mq5 by EarnForex Copyright © 2010, based on version by Tim Hyder (2008), based on version by Roman Ignatov (2006)
The QQE and QQE MTF indicators:
QQE - Qualitative Quantitative Estimation, calculated as two indicators:
The QQE MTF indicator can be applied to any timeframe, higher or lower than the current chart's timeframe.
When the QQE MTF indicator is applied to a timeframe lower than the current chart's time frame it's not possible to display all values. In this case, depending on the price type chosen, it will use a different approach to give the most appropriate value.
For any bar on timeframe_1, the indicator will show the latest bar of timeframe_2 with a Close time before or at the Close time of the bar at timeframe_1. This goes for bars that have been closed as well as the current bar that's still open.
For any bar at timeframe_1, the indicator will show the latest bar of timeframe_2 with a opening time before or at the Open time of the bar on timeframe_1. This goes for bars that have been closed as well as the current bar that's still open. The logic here is that if you choose to calculate your indicators on the Open time of a bar then probably you will also trade when a new bar opens. In that case, at the Open of a new 5-minute bar, you will only know the Open of the first of the five 1-minute bars that are part of it. The Open of the second to fifth 1-minute bars are therefore ignored in the calculations.
You can mix any time frame with any other time frame, even if they are not in sync, e.g. timeframe_1 = 5 minutes and timeframe_2 = 12 minutes. The indicator will make sure they stay synced. The way this works is similar to the examples above.
See the MACD Histogram MC_MTF indicator for a more visual explanation in an excel sheet.
When switching between time frames, allow some time (a few seconds) for the price data to be loaded. If the indicator is not displayed, refresh the chart manually.
Put both qqe_mtf.mq5 and qqe.mq5 in the \MQL5\Indicators folders for the indicator to work.
Look in the source to switch on/off error messages:
bool ShowErrorMessages=false; // turn on/off error messages for debugging
Update history QQE:
2010 09 26: v02
Update history QQE MTF:
2010 09 26: v02
The Acceleration/Deceleration Indicator (AC) measures acceleration and deceleration of the current driving force.Average Directional Movement Index (ADX)
The Average Directional Movement Index Indicator (ADX) helps to determine if there is a price trend.